QV Investors Inc. cut its stake in Open Text Corp (NASDAQ:OTEX) (TSE:OTC) by 4.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,859,989 shares of the software maker’s stock after selling 163,539 shares during the period. Open Text accounts for 6.3% of QV Investors Inc.’s investment portfolio, making the stock its largest holding. QV Investors Inc. owned about 1.43% of Open Text worth $208,594,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently made changes to their positions in the stock. FMR LLC lifted its stake in Open Text by 1.8% in the first quarter. FMR LLC now owns 1,516,784 shares of the software maker’s stock valued at $58,238,000 after buying an additional 26,655 shares during the period. Amundi Pioneer Asset Management Inc. lifted its stake in Open Text by 194.4% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 215,206 shares of the software maker’s stock valued at $8,270,000 after buying an additional 142,096 shares during the period. Clark Capital Management Group Inc. lifted its stake in Open Text by 24.6% in the second quarter. Clark Capital Management Group Inc. now owns 690,318 shares of the software maker’s stock valued at $28,441,000 after buying an additional 136,281 shares during the period. Fox Run Management L.L.C. acquired a new position in Open Text in the second quarter valued at approximately $361,000. Finally, Bessemer Group Inc. lifted its stake in Open Text by 10.2% in the second quarter. Bessemer Group Inc. now owns 10,023 shares of the software maker’s stock valued at $413,000 after buying an additional 926 shares during the period. Institutional investors and hedge funds own 64.58% of the company’s stock.
Several equities analysts have issued reports on the company. Royal Bank of Canada lowered Open Text to a “buy” rating and set a $47.00 price target on the stock. in a research note on Monday, September 9th. TD Securities boosted their price target on Open Text from $45.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. CIBC reissued a “buy” rating and issued a $53.00 price target on shares of Open Text in a research note on Sunday, August 4th. ValuEngine lowered Open Text from a “buy” rating to a “hold” rating in a research note on Friday, September 20th. Finally, Benchmark reaffirmed a “buy” rating and set a $48.00 target price (up from $42.00) on shares of Open Text in a research report on Thursday, July 11th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $47.89.
Shares of NASDAQ:OTEX traded up $0.42 during trading on Monday, reaching $40.45. 20,965 shares of the stock were exchanged, compared to its average volume of 571,259. The company has a debt-to-equity ratio of 0.67, a current ratio of 1.54 and a quick ratio of 1.54. Open Text Corp has a 1-year low of $30.99 and a 1-year high of $44.49. The stock has a fifty day moving average of $40.62 and a two-hundred day moving average of $40.34. The firm has a market cap of $10.78 billion, a price-to-earnings ratio of 38.17 and a beta of 0.56.
Open Text (NASDAQ:OTEX) (TSE:OTC) last issued its earnings results on Thursday, August 1st. The software maker reported $0.27 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.10). Open Text had a return on equity of 7.50% and a net margin of 9.95%. The firm had revenue of $747.20 million for the quarter, compared to analyst estimates of $763.51 million. During the same period in the previous year, the company earned $0.72 earnings per share. Open Text’s revenue for the quarter was down .9% compared to the same quarter last year. Sell-side analysts forecast that Open Text Corp will post 1.5 EPS for the current year.
About Open Text
Open Text Corporation provides a suite of software products and services. The company offers content services; digital process automation, which enables organizations to transform into digital and data-driven businesses through automation; and discovery suite that provides forensics and unstructured data analytics for searching, collecting, and investigating enterprise data to manage legal obligations and risk.
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